Live Ventures Inc., a diversified holding company, has acquired Precision Industries, Inc., which does business as Precision Marshall, for approximately $31.5 million in cash. The Washington, Pennsylvania-based independent manufacturer of premium tool steels and specialty alloys uses machine applications to transform raw steel into tool-and-die steels needed in the auto, appliance, aerospace and defense industries.

The acquisition of Precision Marshall is expected to increase Live Ventures’ consolidated revenues by approximately $50 million per year.

Thomas Sedlak, who joined Precision Marshall in 2008 and has most recently served as Senior Vice President, has been elevated to Chief Executive Officer. All current employees are expected to be retained through the acquisition.

“We are delighted that Precision Marshall, a company that has thrived for more than 70 years, is joining the Live Ventures family,” said Jon Isaac, President and CEO of Live Ventures. “Not only does Precision Marshall fit our strategy of acquiring profitable companies that have demonstrated a strong history of earnings power, they have the impressive history and talent we seek as well. Their comprehensive network of independent distributors impressively blankets the country.”